Bharat Road Networks plans IPO of Rs 1,200 crore

 Kolkata-based Bharat Road Network (BRNL), a Srei initiative, has filed its draft red herring prospectus (DRHP) with market regulator Securities and Exchange Board of India (Sebi), seeking permission for its initial public offering (IPO) of around Rs 1,200 crore.

The company is a road build–operate–transfer (Bot) company, with focus on development, implementation, operation and maintenance of roads/highways projects. The public issue consists of up to 2.93 crore shares of face value of Rs 10 each.

The equity shares will have a face value of Rs 10 and the final price band will be decided in consultation with the book running lead managers, BRNL said.
Currently, Srei holds 30.43% of equity share capital in Bharat Road Network.

 The net proceeds from the issue will be utilised towards advancing of subordinate debt in form of interest free unsecured loan to its subsidiary, STPL, for part financing of the STPL project, part acquisition of the subordinated debt in form of interest free unsecured loan or debentures, advanced by Srei to STPL, KEPL and MTPL and for general corporate purposes, the company said.

 INGA Capital, Investec Capital Services (India)  and SREI Capital Markets  are the book running lead managers to the issue and Karvy Computershare is the registrar to the issue, BRNL added.

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